14 June 2019
DATO’ SRI JESSY LAI
INFLUENTIAL & INSPIRING
The Malaysian woman entrepreneur that took the world by storm inspires many through simple thinking & ideas.
Published on May 8, 2019
Published on May 7, 2019
MonSpace founder Datuk Seri Jessy Lai and two executives were brought to the Sessions Court in Kuala Lumpur by Domestic Trade and Consumer Affairs Ministry officers on Wednesday to be charged. The multinational e-commerce company was investigated for offences under the Direct Sales and Anti-Pyramid Scheme Act as well as possible violations under Anti Money-Laundering and Counter Financing of Terrorism Law.
Published on Jul 27, 2018
KUALA LUMPUR: Multinational e-commerce group MonSpace (M) Sdn Bhd founder Jessy Lai said today the RM93,879 seized in a recent raid by officials at her home belonged to her, and not the company.
“There were four different types of currencies,” she told a media conference today.
“Of the RM90,000 seized, I had Euros, RM300 in ringgit, US$20,000 and 10,000 Renminbi. These were just for my personal use,” she said.
At a press conference, Lai confirmed that 16 of the company’s premises had been raided by the domestic trade and consumer affairs ministry earlier this week.
She said the money was her personal money and not that of the company.
When pressed further, she said, “I am the company”, to rounds of laughter from those present.
MonSpace is being investigated for allegedly running an illegal investment scheme.
Bank Negara Malaysia (BNM) previously revealed that MonSpace was registered as a Multi-Level Marketing (MLM) business.
Authorities have since frozen 72 accounts from MonSpace’s Ipoh and Klang Valley premises. Lai has also reportedly been barred from travelling abroad.
Asked to confirm if all the bank accounts had been frozen, Lai said she had yet to check, but that all 15 bank accounts of their Bukit Jalil headquarters had been frozen.
Lai said she had yet to check with the Immigration Department on her blacklist status.
But she was confident business would go on as usual as, she said, she had not received any complaints from her customers or shareholders.
“They are like family, they understand what we are going through and want to help us.”
MonSpace and Lai first made headlines in 2016 when an airlines group linked to the company was found operating a commercial flight without a valid air service permit. The group was later fined RM380,000 after pleading guilty to the offence.
Last year, 70 Chinese nationals lodged police reports on a “misleading” investment scheme run by MonSpace. DAP MPs at the time had voiced concern over MonSpace and the supposed scheme.
MonSpace is listed in BNM’s Financial Consumer Alert watch list because of these incidents. The list includes websites and companies neither authorised nor approved under relevant laws and regulations.
Lai confirmed that the company was still on BNM’s watch list.
The current investigation into MonSpace is being done under Section 27B of the Direct Sales and Anti-Pyramid Scheme 1993 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
Apart from the domestic trade and consumer affairs ministry, officials from BNM, the Attorney-General’s Chambers and the Companies Commission of Malaysia are also involved in the investigation.
MonSpace in trouble again after raids on 16 premises, accounts frozen
PUTRAJAYA (July 25): MonSpace (M) Sdn Bhd, a multinational corporation that uses a direct-selling model led by Datuk Seri Jessy Lai Chai Suang, has landed itself in hot water yet again after 16 of its premises across Ipoh and the Klang Valley were raided yesterday during a joint enforcement operation. This follows a month-long investigation by the authorities.
Dubbed “Ops Coin”, the joint operation involved 130 officers from the Ministry of Domestic Trade and Consumer Affairs, the Attorney-General Chambers’ National Revenue Recovery Enforcement Team, Bank Negara Malaysia (BNM), CyberSecurity Malaysia, the Companies Commission of Malaysia (SSM) and the Royal Malaysian Police.
Domestic Trade and Consumer Affairs Ministry enforcement director Datuk Mohd Roslan Mahayudin said the raids also resulted in the freezing of 25 of MonSpace’s bank accounts and 47 individual accounts across nine banks totalling RM5.87 million.
Also seized were computers and company products worth RM980,352 and cash in four currency denominations amounting to RM93,879. The authorities have also frozen the rights to transfer ownership of 26 vehicles worth RM6.24 million in relation to the raids.
“No arrest was made during the raids. The founder (Lai) has been very cooperative,” Roslan told a press conference today.
“We feel there is no need for the founder to be arrested as we were promised cooperation including coming to the ministry’s office as and when we require more information,” he added.
However, MonSpace’s personnel are prohibited from travelling abroad until further notice.
Roslan said the investigations are being conducted under Section 27B of the Malaysian Direct Sales and Anti-Pyramid Scheme Act 1993 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001.
He added that the number of victims who are affected and the value of assets seized in the raids will be revealed later, pending further investigation on the seized documents and data servers.
MonSpace and Lai attracted headlines in 2016 when Monspace Sky Airlines was found operating a commercial flight from Kuala Lumpur to Langkawi on July 22 without a valid air service permit (ASP), which is required to perform a commercial air service operation. The airline was said to be owned by the MonSpace Group under Lai, and is reportedly operated by Suasa Airlines Sdn Bhd.
Following the incident, the Malaysian Aviation Commission had lodged a police report against Monspace Sky Airlines for misleading the public. On Jan 9, 2017, Suasa Airlines had pleaded guilty for operating without a valid ASP and was fined RM380,000.
Meanwhile, Roslan reminded the public to avoid falling prey to get-rich-quick schemes and to cross-check with the Domestic Trade and Consumer Affairs Ministry, BNM, SSM and other authorities before investing in any such schemes.